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Goldman Sachs and Morgan Stanley are expected to communicate bonus payouts and structures to London staff later this week, kicking off the annual bonus-round for the world's largest investment banks.

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Goldman Sachs, which announces its full-year results on Thursday, will inform its London staff about their bonuses on either that day or Friday, according to three City of London headhunters. Goldman Sachs declined to comment.

Morgan Stanley, which announces its results on Friday, is also expected to inform its employees about bonus numbers before the week is out. Morgan Stanley declined to comment.

The size and structure of the payouts will be closely watched, as this will be the last year that banks are able to pay bonuses at discretionary multiples of salary, ahead of new European rules which came into effect on January 1 for packages paid out in spring 2015.